Strategy Overview - The report focuses on the industry rotation ETF strategy, recommending a portfolio based on industry and thematic ETFs, with an emphasis on quantitative analysis of industry style continuation and switching [2][3]. Recommended Sectors and Products - For the week of November 17, 2025, the model recommends increasing allocations to sectors such as communication equipment, consumer electronics, and real estate development. New additions include real estate ETF, consumer electronics ETF, and gaming ETF, while continuing to hold communication ETF and VRETF [2][3]. Performance Tracking - From November 10 to November 14, 2025, the strategy recorded a cumulative net return of approximately -2.23%, with an excess return of -1.11% compared to the CSI 300 ETF. Since October 14, 2024, the cumulative return of the strategy is about 22.80%, with an excess return of 0.64% relative to the CSI 300 ETF [2][3][11].

Report Overview - The report is a weekly strategy report on sector rotation ETFs from November 3, 2025, to November 9, 2025 [2] Core Views - The strategy is based on two research reports and constructs a strategy portfolio of sector and thematic ETFs [2] - For the week of November 10, 2025, the model recommends allocating to sectors such as communication equipment, software development, and consumer electronics [2] - The strategy will add holdings of Cloud Computing ETF, Battery ETF, Industrial Non - Ferrous Metals ETF, etc., and continue to hold Communication ETF, VR ETF, etc. Some ETFs and target index trading timing signals gave daily or weekly risk warnings as of last weekend [2] Performance Tracking - From November 3 to November 7, 2025, the cumulative net return of the strategy was approximately - 0.76%, and the excess return relative to the CSI 300 ETF was approximately - 1.58% [2] - Since October 14, 2024, the cumulative out - of - sample return of the strategy was about 25.60%, and the cumulative excess return relative to the CSI 300 ETF was about 2.13% [2] Recommended Portfolio for the Next Week (20251110 - 20251114) | Fund Code | ETF Name | ETF Market Cap (Billion Yuan) | Holding Status | Coincident Shenwan Sector and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 515880 | Communication ETF | 117.77 | Continue to hold | Communication Equipment (75.3%) | 1 | 0 | | 516510 | Cloud Computing ETF | 19.86 | Add | Software Development (30.54%) | 0 | 0 | | 159786 | VR ETF | 2.10 | Continue to hold | Consumer Electronics (28.46%) | 1 | - 1 | | 159755 | Battery ETF | 165.64 | Add | Battery (62.54%) | 1 | 1 | | 560860 | Industrial Non - Ferrous Metals ETF | 56.84 | Add | Industrial Metals (57.65%) | 1 | 1 | | 512220 | TMT ETF | 5.48 | Continue to hold | Semiconductor (37.25%) | 1 | 0 | | 512660 | Military Industry ETF | 142.21 | Add | Aviation Equipment (35.02%) | 0 | - 1 | | 159870 | Chemical Industry ETF | 172.55 | Add | Chemical Products (25.73%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.04 | Add | Automation Equipment (47.2%) | 1 | - 1 | | 588830 | Science and Innovation New Energy ETF | 10.06 | Add | Photovoltaic Equipment (46.08%) | 1 | 1 | [2] Holdings and Performance in the Past Week (20251103 - 20251107) | Fund Code | ETF Name | ETF Market Cap (Billion Yuan) | Recent 1 - week Return (%) | Holding Status | | --- | --- | --- | --- | --- | | 515880 | Communication ETF | 117.77 | 0.40 | Continue to hold | | 159768 | Real Estate ETF | 5.88 | - 0.66 | Remove | | 159869 | Game ETF | 113.12 | - 0.49 | Remove | | 562050 | Pharmaceutical ETF | 1.06 | - 3.04 | Remove | | 512800 | Bank ETF | 205.57 | 2.71 | Remove | | 159766 | Tourism ETF | 35.92 | 2.32 | Remove | | 512220 | TMT ETF | 5.48 | - 0.47 | Continue to hold | | 159786 | VR ETF | 2.10 | - 2.04 | Continue to hold | | 516560 | Pension ETF | 1.33 | - 1.25 | Remove | | 588700 | Science and Innovation Pharmaceutical ETF (Harvest) | 3.16 | - 5.10 | Remove | | | ETF Portfolio Average Return | | - 0.76 | | | 510300 | CSI 300 ETF | 4277.20 | 0.82 | | | | ETF Portfolio Excess Return | | - 1.58 | | [11]

Core Insights - The report emphasizes a strategy based on industry rotation and thematic ETFs, recommending a focus on sectors such as communication equipment, real estate development, and gaming for the upcoming week [2][3]. - The model portfolio has shown a cumulative net return of approximately 0.96% for the period from October 27 to October 31, 2025, outperforming the CSI 300 ETF by about 1.25% [3][12]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 26.57%, with an excess return of about 4.11% compared to the CSI 300 ETF [3][12]. Strategy Update - For the week of November 3, 2025, the strategy will add positions in communication ETFs, real estate ETFs, and gaming ETFs, while continuing to hold the Sci-Tech Medicine ETF [2][12]. - The report includes a detailed list of ETFs with their respective market values and weightings, indicating a strategic shift towards sectors with positive timing signals [12]. Performance Tracking - The report provides a performance comparison of the industry rotation ETF strategy against the CSI 300 ETF, highlighting a significant outperformance since the strategy's inception [3][4]. - A graphical representation shows the cumulative return rates of the industry rotation ETF strategy compared to the CSI 300 ETF, illustrating the effectiveness of the strategy over time [4][5].

Core Insights - The report emphasizes a strategy based on sector rotation and thematic ETFs, recommending increased allocations to semiconductor, consumer electronics, and battery sectors for the upcoming week [2][3]. - The strategy has yielded a cumulative net return of approximately 1.52% from September 29 to October 9, 2025, with an excess return of about 0.06% compared to the CSI 300 ETF [3]. Strategy Update - The model recommends adding positions in the Sci-Tech Chip ETF, Consumer Electronics ETF, Sci-Tech New Materials ETF, and Smart Car ETF, while continuing to hold the Satellite ETF [2]. - The report highlights the trading timing signals for various ETFs and indices, indicating daily or weekly risk assessments [2]. Performance Tracking - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 26.66%, outperforming the CSI 300 ETF by about 5.05% [3]. - The report includes a performance comparison chart showing the cumulative return rates of the sector rotation ETF strategy against the CSI 300 ETF [5][6]. Recommended ETFs and Holdings - The report lists specific ETFs and their respective weights, such as the Sci-Tech Chip ETF with a weight of 96.34% and the Consumer Electronics ETF with a weight of 31.89% [13]. - It also details the recent performance of various ETFs, indicating which have been added or removed from the portfolio based on their performance over the past week [14].

Core Insights - The report emphasizes a strategy based on industry rotation and thematic ETFs, recommending sectors such as agriculture, film and cinema, and aerospace equipment for the upcoming week [2][3]. - The strategy has shown a cumulative net return of approximately -0.21% for the period from September 15 to September 19, 2025, with an excess return of about 0.16% compared to the CSI 300 ETF [3][11]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 24.91%, outperforming the CSI 300 ETF by about 6.36% [3]. Strategy Update - For the week of September 22, 2025, the model recommends increasing positions in the following ETFs: Grain ETF, Film ETF, Industrial Mother Machine ETF, and Oil & Gas ETF, while continuing to hold Aerospace ETF and Green Electricity ETF [2][10]. - The report includes specific ETFs and their respective weights, indicating a focus on sectors like agriculture (46.77% in Grain ETF) and film (45.35% in Film ETF) [10]. Performance Tracking - The report details the performance of various ETFs over the past week, highlighting that the average return of the ETF portfolio was -0.37%, while the CSI 300 ETF had a return of -0.21% [11]. - The report also notes that certain ETFs, such as the Green Electricity ETF and Aerospace ETF, continue to be held despite recent performance fluctuations [11].

Investment Rating - The report recommends a positive investment rating for sectors such as securities, communication equipment, and liquor [2]. Core Insights - The strategy report indicates a model recommendation for the week of September 1, 2025, to allocate investments in sectors including securities, communication equipment, and liquor, with additional holdings in various ETFs [2]. - The strategy has achieved a cumulative net return of approximately 6.58% during the period from August 25 to August 29, 2025, outperforming the CSI 300 ETF by about 3.86% [2][11]. - Since October 14, 2024, the strategy has recorded a cumulative return of approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2]. Summary by Sections Strategy Update - For the week of September 1, 2025, the model recommends adding holdings in the securities broker ETF, consumer 30 ETF, and defense ETF, while continuing to hold communication equipment ETF, satellite ETF, and battery ETF [2]. Performance Tracking - The strategy's cumulative net return from August 25 to August 29, 2025, is approximately 6.58%, with an excess return of about 3.86% over the CSI 300 ETF [2][11]. - The cumulative return since October 14, 2024, is approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2].

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Strategy Overview - The report focuses on constructing a strategy portfolio based on industry and thematic ETFs, utilizing quantitative analysis from previous strategy reports [2]. Strategy Update - For the week of August 4, 2025, the model recommends increasing allocations to sectors such as electricity, joint-stock banks, and liquor, while continuing to hold real estate and agriculture ETFs [2]. - New additions include Green Power ETF, Bank ETF, and Liquor ETF, with ongoing holdings in Real Estate ETF and Agriculture ETF [2]. - As of the last weekend, some ETFs and index trading timing signals provided daily or weekly risk alerts [2]. Performance Tracking - From July 28 to August 1, 2025, the strategy recorded a cumulative net return of approximately -2.19%, with an excess return of about -0.53% compared to the CSI 300 ETF [2]. - Since October 14, 2024, the cumulative return of the strategy outside the sample period is approximately 4.34%, with an excess return of about -2.17% relative to the CSI 300 ETF [2].

Core Insights - The report emphasizes the strategic allocation of ETFs in various sectors, recommending a focus on liquor, real estate, and white goods for the upcoming week [2] - The model portfolio for the week of July 28, 2025, includes continued holdings in real estate ETFs and the addition of oil and gas ETFs, indicating a shift in market focus [2][5] - The report highlights a cumulative return of approximately 1.40% for the strategy from July 21 to July 25, 2025, with an excess return of -0.32% compared to the CSI 300 ETF [2][5] ETF Strategy Summary - The report outlines specific ETFs and their respective values, with the liquor ETF valued at 32.58 billion, real estate ETF at 6.83 billion, and tourism ETF at 30.84 billion, among others [2] - The report provides a detailed performance tracking of various ETFs, indicating that the average return for the ETFs was 1.40% during the specified period [5] - The report includes a table of ETFs with their current holdings and performance metrics, showing that the real estate ETF has a holding signal of 100% and the liquor ETF has a holding signal of 55.71% [2][5]